Canaccord Genuity Increases Lowe’s Cos. Price Target to $50.00 (LOW)
Analysts at Canaccord Genuity boosted their price objective on shares of Lowe’s Cos. (NYSE:LOW) from $48.00 to $50.00 in a research report issued to clients and investors on Wednesday, Stock Ratings Network.com reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s target price suggests a potential upside of 13.43% from the stock’s previous close.
The analysts wrote, “LOW’s Q2 SSS growth of 9.6% on top of -0.4% was its strongest quarterly performance in nine years. Shares have appreciated 83% since the start of 2012 versus the S&P 500 index +31% and the RLX index +57%, and LOW is trading intra-day at 19x our FY14 EPS estimate and 10x FY14E EV/EBITDA. We view this as a fair valuation given our projections for LOW to grow sales and EPS at compounded annual rates of 4% and 13%, respectively, over the next five years.”
Shares of Lowe’s Cos. (NYSE:LOW) traded up 4.20% on Wednesday, hitting $45.93. 19,489,488 shares of the company’s stock traded hands. Lowe’s Cos. has a one year low of $26.40 and a one year high of $46.25. The stock’s 50-day moving average is $44.26 and its 200-day moving average is $40.79. The company has a market cap of $49.256 billion and a P/E ratio of 25.23. Lowe’s Cos. also was the recipient of some unusual options trading on Monday. Stock traders purchased 9,204 put options on the company. This is an increase of approximately 236% compared to the average daily volume of 2,740 put options.
Lowe’s Cos. (NYSE:LOW) last posted its quarterly earnings results on Wednesday, August 21st. The company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.09. The company had revenue of $15.70 billion for the quarter, compared to the consensus estimate of $15.06 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts predict that Lowe’s Cos. will post $2.10 earnings per share for the current fiscal year.
A number of other firms have also recently commented on LOW. Analysts at Telsey Advisory Group raised their price target on shares of Lowe’s Cos. from $46.00 to $48.00 in a research note to investors on Wednesday, August 14th. They now have a “not rated” rating on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Lowe’s Cos. in a research note to investors on Monday, August 12th. Finally, analysts at Cleveland Research upgraded shares of Lowe’s Cos. from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, August 8th.
Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Lowe’s Cos. has a consensus rating of “Buy” and an average price target of $43.53.
Lowe’s Companies, Inc (NYSE:LOW) is a home improvement retailer.
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